Operator

[Presentation]

Donald R Lindsay

Well, good morning. Welcome, and thank you all for joining us today. On behalf of our Board, we welcome you to the Annual Meeting of Manulife Financial Corporation and the Manufacturers Life Insurance Company. My name is Don Lindsay, and I'm Chair of the Board. The Board of Directors, on behalf of shareholders, policyholders and employees of Manulife acknowledge that Toronto is covered by Treaty 13 and that for thousands of years, it has been the traditional land of the Huron-Wendat, the Seneca, and the Mississaugas of the Credit River. We recognize and honor these nations as the traditional stewards of the land and water on which Manulife's Toronto offices are now present.

With that important acknowledgment, I, along with the Board of Directors, and privilege to address you today to share some highlights from a remarkable year for Manulife. In 2025, Manulife delivered record core earnings, continued expanding its global customer base and saw strong growth in new business value across the franchise.

We continue to maintain significant financial flexibility, and we announced a 10.2% increase to our dividend per common share. And we bolstered our competitive position through investments that grew our global presence, strengthened our portfolio and advanced our strategic objectives.

Manulife achieved all of this and more against the backdrop of geopolitical and economic uncertainty and rapidly evolving technology. 2025 was also a year of leadership transition for Manulife with Phil Witherington, becoming President and CEO. Now Phil is a well-known and well-regarded leader within Manulife. Having served as CEO of